Indeed, it's true that the USD has been sucking the blood out of INR. But is it really just the INR? Or is it every country in the world?
The US, as usual, doesn't give a fuck about the world, and is raising interest rates like a motherfucker to stop its self-induced inflation.
Really don't believe it's going to work though. Inflation is supply side, but instead of trying to fix supply US is trying to destroy demand by raising interest rates. This leads them to recession and now people want to sell US stocks too. While currencies around the world weaken.
So you have a ton of people selling both US bonds and stocks (they are both going down), and so during this flight from US assets the dollar goes up, cause all of those things are sold for dollars.
The real question is, where will these dollars go next? They could either go back into US stocks if confidence grows again, or fly to other economies like BRICS and emerging markets. I wish it's the latter.